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IN CASE STUDY ON LOCKHEED MARTIN CORPORATION: 1. HOW DOES LOCKHEED MEASURE ITS PERCENTAGE OF COMPLETION ON MOST OF ITS LONG TERM CONTRACTS? 2. FOR

IN CASE STUDY ON LOCKHEED MARTIN CORPORATION: 1. HOW DOES LOCKHEED MEASURE ITS PERCENTAGE OF COMPLETION ON MOST OF ITS LONG TERM CONTRACTS? 2. FOR THE REMAINING LONG TERM CONTRACTS, HOW DOES LOCKHEED RECOGNIZE REVENUE AND PROFITS? 3. IF A CHANGE IN THE CONTRACT IS MADE, WHEN IS THAT CHANGE REFLECTED IN REVENUES? 4. HOW DOES LOCKHEED NORMALLY ACCOUNT FOR REVENUE UNDER ITS SERVICE CONTRACTS NOT ASSOCIATED WITH DESIGN, DEVELOPMENT, OR PRODUCTION ACTIVITIES? 5. IS LOCKHEED'S METHOD OF ACCOUNTING FOR COSTS INCURRED UNDER THESE SERVICE CONTRACTS THE SAME AS ITS METHOD FOR RECORDING REVENUE? EXPLAIN

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